The logo of Google is seen in Davos, Switzerland January 20, 2020. 2020. REUTERS\/Arnd Wiegmann\/File Photo<\/p>\n
Nov 4 (Reuters) - Alphabet Inc's (GOOGL.O) Google has invested $1 billion in CME Group (CME.O) and has struck a separate deal to move the futures exchange operator's trading systems to the cloud, the companies said on Thursday.<\/p>\n
Under the terms of the 10-year partnership between Google and CME, the Chicago-based exchange operator will begin moving its technology infrastructure to Google Cloud next year.<\/p>\n
The deal with CME marks a big win for Google's cloud business, which competes against Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) for large, lucrative contracts from blue-chip Fortune 500 companies.<\/p>\n
The deal also gives Google a foothold in the financial services sector, which is starting to invest big money on cloud computing services.<\/p>\n
Google's $1 billion equity investment was in the form of non-voting convertible preferred stock of CME, the companies added.<\/p>\n
The partnership with Google would help CME provide easy access for more market participants, optimize costs and streamline IT infrastructure and other operations, the companies said.<\/p>\n
Last year, Amazon and two stock exchanges - Singapore Exchange SGX and London-based Aquis Exchange - undertook a pilot program which they said showed moving share trading to cloud computing from costly physical servers could save money and reduce the potential for outages.<\/p>\n
Reporting by Manya Saini in Bengaluru, additional reporting by Niket Nishant; Editing by Krishna Chandra Eluri<\/p>\n
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Google to invest $1 bln in CME Group, agrees cloud computing deal - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The logo of Google is seen in Davos, Switzerland January 20, 2020. 2020 Continue reading